Insurance Regulations, 1990 (LI 1502)
Regulation 7: Principal of Chief Agents and Agents. (1) A chief agent or an agent shall not have more than one principal insurer at a time, and shall give business to another insurer only where the principal insurer does not underwrite the particular class of business or the principal insurer has declined such business. (2) A chief agent or agent shall submit to the Commission a letter of clearance from his current principal insurer for approval to transfer to another principal insurer. (3) A chief agent or an agent shall not transfer to another principal without the written approval of the Commission. (4) An application for approval under sub-regulation (3) shall be in such form as the Commission may determine.